Before the cry for foreclosures to be halted, and some of them will be frozen, but not all, where are most of the foreclosures happening in the United States?
As housing has slowly healed from the great recession, one state still lags behind the others. New Jersey’s foreclosure rate dropped along with the rest of the country, but for the last five years, New Jersey foreclosure rates remained higher than other states’ foreclosure filings. Using publicly recorded filings ATTOM Data Solutions tracked foreclosure data across 2,200 counties in the nation in 2019. Seven of the top ten filing rates were in New Jersey.
New Jersey may have run out of time to reach a healthy level of foreclosure filings, as many are facing income reduction and new foreclosure filings may only be held off by a federal mandate on FHA, Fannie Mae or other GSE mortgages.
Though it is a relief that many homeowners will have protections from foreclosures in the short term, that help is not across the board, and it may come in the form of forbearance instead of forgiveness. That means mortgage payments are still due, but you may be able to negotiate a lower payment until your income is back to normal. Getting reduced payment permission, means you need to document your income loss to your lender. Guidelines are not yet released at the time of this writing.
IF you need help to navigate the foreclosure legal process, MortgageAssistNow.com can connect you to a knowledgeable attorney in your area who can represent your interests.